Hi there, I hope you can offer me some help and advice please.
I got involved in three buy-to-let property investments back in 2005. This year all three fixed mortgages rates expired and I'm now on unmanageable monthly repayments which have been 'hiked' up by the lenders. At the moment I'm using my bank OD (which has now been maxed out after paying this months mortgage jump since March 2008). I have also got three service charges to pay which have also been grossly increased this year.
I got made redundant from my job in August 2008 with one months payout.
All three mortgages are on interest only. I'm on the SVR at the moment but unable to re mortgage due to high lender fees. I can't cope with the monthly mortgages payments since the fixed rates expired.
I am currently looking for employment and hope to be in a new job soon but am afraid that I won't be able to meet the payments and service charge debt due to the massive increase.
I would be grateful for some advice on where I can get help with my situation.
Is there any equity in any of these properties? I guess that there may not be, so why not consider handing them back to the mortgagee's and concentrating on finding a job which will then help you deal with any resultant shortfall?
A programme on Dispatchers recently had a lady from Manchester and after going onto a seminar on 'BTL' got involved with BTL and now have flogg the lot of 7 BTL flats she brought??....as she was facing BRs. My advice would be for you to sell them all as that market is now imploding.You really have to be able to hang on for years before those BTL will appreciate.Some big landlords have brought into them for more speculative hyperbole....ta ta.I hope they live long enough to see a rise.....this 'fat lady' of a recession is not for turning.
BB was the biggest driver of this BTL scheme and now no more.TheBank was foolish to lose its banking roots like HBOS....with its idillic 100 plus years history..They were seduced by the FTSE 'dark side' and the renumerations and bonuses. Sell!
Last edited by NBNA on Mon Sep 29, 2008 1:46 pm, edited 1 time in total.
"DEbt is all in the mind. Think wealth and you'll be wealthy but not in £££"
I am afraid I have little sympathy for those who lose money on the stock market or through overstretching themselves trying to get rich through property(I understand a lot of people used property rather than putting money into pension funds and may have been tempted to do the same had I had any money to start with). Its all a big gamble and am sick of hearing people on the news saying that they feel conned coz the shares they have that used to be worth £12 are now worth 20p.
This isnt a personal dig m46 and I hope you get yourself sorted because finding a job right now isnt easy. Good luck.
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
